South Korea Sees Increase in Import Prices for July
(MENAFN) Import prices to South Korea saw a notable increase in July, reversing a five-month decline, driven by the weakening of the Korean won against the U.S. dollar and a rise in crude oil costs, according to Bank of Korea (BOK) data released Thursday.
The import price index rose by 0.9% in July compared to the previous month, marking its first monthly gain since January, the BOK reported.
The uptick was attributed to the decline in the local currency and higher oil prices. The price of Dubai crude, South Korea’s benchmark, averaged $70.87 per barrel in July, a slight increase from $69.26 the month before.
The won’s exchange rate also saw a shift, climbing to 1,375.22 won per dollar in July from 1,366.95 won in June.
Import prices for raw materials rose 1.5% month-over-month, accelerating from a 1.0% increase in June. Prices for intermediary goods—such as chemical products, primary metals, electronics, and electrical equipment—also grew by 0.6%.
Both capital and consumer goods saw a 0.5% price increase.
In export news, South Korea's export price index jumped by 1.0% in July, reversing a four-month streak of declines.
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